Blog Entry

Korean company among Dodgers bidders

Posted on: January 30, 2012 1:05 pm
Edited on: January 30, 2012 1:06 pm
 
By C. Trent Rosecrans

Korean retailer E-Land leads a consortium that is on the short list of Dodgers bidders, Yohap News Agency reported on Monday (via Reuters).

This weekend, the Los Angeles Times reported that at least eight bidders had advanced from the more than 12 initial bids. Already out include Mark Cuban, as well as the group including Steve Garvey and Orel Hershiser.

Dodgers in transition
Joining the Korean group in on the bidding is thought to believe a group led by Magic Johnson, another led by real estate developer Rick Caruso (that includes Joe Torre) and another by hedge fundmanager Steven Cohen.

The total cost is expected to be at least $1.5 million.

Major League Baseball has agreed to approve as many as 10 bidders, with Frank McCourt revealing the winning bid by April 1.

The Korean company wouldn't be the first Asian owners in baseball, Nintendo owns the Seattle Mariners.

Baseball is popular in Korea and its national team reached the finals of the last World Baseball Classic, losing to rival Japan in the championship game. Los Angeles also has a huge Korean American population -- more than 300,000, according to the 2009 American Community Survey.

The Dodgers also signed Chan-Ho Park, who was the first South Korean-born player in big league history when he debuted with Los Angeles in 1994.

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Comments

Since: May 17, 2008
Posted on: January 30, 2012 5:36 pm
 

Korean company among Dodgers bidders

Jealous much?  Kidding.  Keep in mind, unlike most teams, this sale includes the stadium.  There is also going to be a new media rights deal, likely to be at least $3billion and may approach $4billion over the next 10 years AND the top bid may or may not include some 240 acres of land (and we know what land costs in the LA area and what parking costs at ball games -- huge potential revenue streams), including the stadium parking (it was not included in the initial bid books, but McCourt said it was "negotiable" so the highest bids may include that land as well as the team, stadium and media rights).  $1,5 billion is a little higher than I thought, but regardless of last year's problems (McCourt and injuries) this is still a premier team prestige wise and was in 2 of the last 3 NLCS with your superstars Matt Kemp and Clayton Kershaw that still managed to finish above .500 last year so I am not totally shocked by the estimate.



Since: Feb 25, 2009
Posted on: January 30, 2012 4:11 pm
 

Korean company among Dodgers bidders

The total cost is expected to be at least $1.5 million. 
How many Dodger franchises they are going to sell at that price ? Just one or many of them ? 


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